Hong Kong’s Legislative Council discussed the proposed “Stablecoins Bill” on Jan. 23. This was the first meeting since the bill’s initial reading on Dec. 18, 2024.

Key officials, including Francis Ho, the deputy secretary for Financial Services and the Treasury (FSTB), outlined the regulatory frameworks for stablecoin.

The bill requires issuers to obtain licenses from the Hong Kong Monetary Authority (HKMA) and maintain reserves in high-quality, highly liquid assets.

The proposed legislation aims to ensure compliance and stability, supporting Hong Kong’s strategy to attract international cryptocurrency firms.

On the same day, a Legislative Council subcommittee reviewed the licensing framework for crypto trading platforms.